Financial Performance - The net profit attributable to shareholders for the year 2024 is RMB 12,692,204,172.58[2] - The undistributed profits at the end of 2024 amount to RMB 43,272,339,677.50[2] - The proposed cash dividend is RMB 0.45 per share (including tax), subject to shareholder approval[2] - Total operating revenue for 2024 reached RMB 20,219,547.23 million, an increase of 16.73% compared to RMB 17,321,207.68 million in 2023[29] - Net profit attributable to shareholders for 2024 was RMB 1,269,220.42 million, representing an 80.76% increase from RMB 702,155.97 million in 2023[29] - Operating profit for 2024 reached RMB 1,392,086.33 million, a 93.32% increase compared to RMB 720,096.66 million in 2023[30] - Basic earnings per share increased by 81.71% to RMB 1.49 from RMB 0.82 in 2023[33] - The company's net assets attributable to shareholders rose by 15.31% to RMB 7,898,782.41 million compared to RMB 6,850,061.44 million in 2023[30] - The weighted average return on equity increased to 17.20%, up by 6.59 percentage points from 10.61% in 2023[33] - The company achieved total revenue of RMB 202.20 billion for 2024, up from RMB 173.21 billion in 2023, reflecting a year-on-year growth of approximately 16.76%[67] Operational Highlights - The company has not identified any significant risks that could materially affect its operations during the reporting period[4] - The audit report issued by Deloitte shows a standard unqualified opinion[4] - The company has confirmed that there are no non-operational fund occupations by controlling shareholders or related parties[5] - The company reported a net cash flow from operating activities of RMB 13,584,191,238.31 in the fourth quarter[35] - The total liabilities at the end of 2024 were RMB 13,826,999.49 million, a 4.15% increase from RMB 13,276,150.46 million in 2023[30] - The company has not engaged in any significant asset acquisitions or disposals during the reporting period[60] Research and Development - Research and development expenses for 2024 amounted to RMB 928,436.73 million, a 15.27% increase from RMB 805,425.26 million in 2023[29] - The company’s R&D expenses increased by 15.27% to RMB 9.28 billion, reflecting its commitment to innovation and technology advancement[53] - The company applied for over 28,000 patents, with 17,000 granted, covering key technologies in new energy and intelligent systems[145] - The company has established R&D organizations in nine cities in China and set up branches in seven countries, focusing on localized R&D capabilities to support product development and market launch[107] Market Expansion and Sales - In 2024, the company achieved a total sales volume of 1.2345 million vehicles, a year-on-year increase of 0.37%, with total revenue reaching RMB 202.20 billion, up 16.73% from the previous year, and net profit of RMB 12.69 billion, an increase of 80.76%[45][53][54] - The company’s penetration rate of new energy vehicles in domestic passenger cars reached 43.99%, with total sales of new energy vehicles increasing by 25.65% to 322,200 units in 2024[47] - The company’s overseas sales reached 454,100 units in 2024, marking a year-on-year growth of 44.61%, with cumulative overseas sales exceeding 1.8 million units[49] - The company has expanded its sales network to over 1,400 overseas channels, covering more than 170 countries and regions[89] - The company plans to achieve overseas sales of over 1 million vehicles by 2030, focusing on differentiated layouts of new energy products based on local market characteristics[90] Technological Advancements - The company launched the new generation intelligent driving system Coffee Pilot Ultra and the new intelligent space system Coffee OS 3 in 2024, enhancing user experience through advanced technology[46] - The company introduced the Hi4-Z hybrid technology system, achieving a maximum system power of 715 kW and over 200 km pure electric range in off-road conditions[48] - The Coffee Pilot Ultra intelligent driving system was introduced, featuring 27 smart sensors and enhancing safety standards significantly[82] - Great Wall Motors is focusing on high-efficiency electric drive products and has signed a contract for the development of RISC-V automotive-grade chips to enhance vehicle intelligence[86] - The company is establishing full-stack self-research capabilities around smart driving, smart cockpit, and smart services to enhance user experience[190] Financial Health and Investments - The company’s total assets and liabilities will be closely monitored to ensure sustainable growth and financial health moving forward[24] - The company’s current assets increased to RMB 133.44 billion, while current liabilities rose to RMB 122.23 billion as of December 31, 2024[56] - Total liabilities as of December 31, 2024, amounted to RMB 138.27 billion, an increase from RMB 132.76 billion in 2023, while total equity rose to RMB 79.00 billion from RMB 68.51 billion, resulting in a debt-to-equity ratio decrease from 193.79% to 175.03%[59] - The company’s investment activities resulted in a net cash outflow of ¥23.30 billion, primarily due to increased purchases of financial products[147] Employee and Talent Management - The total number of employees increased to 84,915 as of December 31, 2024, compared to 82,439 in 2023, with employee costs accounting for 9.47% of total revenue, down from 10.60%[64] - The number of R&D personnel was 23,308, making up 27.45% of the total workforce, with a significant portion holding advanced degrees[144] - The company is focused on building a strong talent pipeline to support long-term growth and stability[117] Sustainability and Corporate Responsibility - The company is committed to high-quality development and innovation in smart new energy technologies, aiming for sustainable growth through a diversified product matrix[73] - The company is committed to promoting green supply chains and achieving carbon neutrality by reducing carbon emissions during production[190] - The company aims to maintain a long-term perspective, emphasizing quality management and sustainable development in its operations[185]
长城汽车(02333) - 2024 - 年度财报